I would have to agree with Mark Meissner's statement below. Very well said, especially the local lender comment. Some buyers may consider using a internet lender or a non-local lender and feel they are really saving with lending costs. As an agent working for buyers, I can attest to the fact that quite often a non-local lender is not really familiar with our area and often find themselves scrambling at the last minute to hold a home purchase together. It can be for reasons that don't even make sense. For example we were working with a client last year and the non-local lender keep insisting that the subject property was on an Indian reservation. We had to inform them 3 times and to 3 different departments that it wasn't so. Long story short, the buyer had to use another lender.
If you should find yourself working with a non-local lender, my advice would be to keep in touch every step of the way to be sure the process works as smooth as possible for a successful transaction.
Hope this information is helpful.
Prudential Montana Real Estate
1925 N 22nd Ave. Bozeman MT
The pre-approval process is fairly simple. I usually recommend to my clients to begin with a local lender they may already have a relationship with. For example, whomever you may have a checking account, savings account, or vehicle loan through. This can make the process a little bit more comfortable for you as the buyer, and for your lender. If you would prefer to talk to someone else there are many good local lenders in Bozeman. They will require some of your basic financial information such as recent pay stubs, previous two years' tax returns, personal balance sheet, etc. Shop around too; some will offer better terms and rates than others. Also, it is important to note that just because you get pre-approved with one lender, doesn't mean you ultimately have to follow through and actually secure a loan with them. The pre-approval process helps you to look for homes that fit within your budget. It also gives your offer strength when you get to that point, as it offers the seller some comfort that you are making a purchase within your means. Hope that helps! Enjoy your weekend and let me know if I can assist you further.
406-579-4977 email@example.com. foreclosure and shortsale expert.